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, don't worry as much about the deficit, the revenues will come in, and we have to get rid of the social safety net the way it's been, and cut spending, slash spending dramatically. it was very divided policywise and barack obama won pretty handily. >> a week after the election john boehner, speaker boehner, does a press statement and he says we're not going to raise revenues. we should look at loopholes and deductions. >> one thing that hasn't changed and you can put on as many senate republicans as you want looking reasonable. what hasn't changed is the tea party caucus in the house. they've lost a few members, but they're still a majority and john boehner has to find some way to get something past them. that's why i doubt there will be a christmastime deal. i think the president is going to have to let these tax cuts end and then boehner may have a chance of convincing them to pass tax cuts for the bottom 98% without the top 2%. >> do you agree with that, dr. peterson? that the president will be forced to allow these to run their course simply so that republicans in the house won't ha
player in the deficit talks. >> i am really worried we have a probability we could go over the cliff, and that would be catastrophic. not to go over the cliff, we have to compromise, have to have revenue. the problems are real, the solutions are painful, no easy way out. the only way you can do this ifs to have a balanced approach and that is where people are headed. connell: matt welch is here. what do you make of all this, matt? >> there is nobody at the table actually interested in cutting the size of the government. that seems strange to democrats who think we're living in some sort of mythical age of austerity. we had a really good shot. george w. bush used the hell out of spending four years. i don't think john boehner is ultimately interested in it. talkiig $110 billion, the smudge of potential cuts and they're negotiating it away without any entitlement. dagen: are we past the point with no return? will we become even more of a nation centered around our government that does not promote private business? will anybody ever fix this? >> we will fix it. everything is ultimately
clout with congress. the goal: a sweeping deficit agreement to avert $650 billion in spending cuts and tax increases at the start of 2013. from the white house came word that president obama will try to build public pressure on congress to raise taxes on the wealthy and prevent tax hikes for everyone else. white house spokesman jay carney. >> well, the president believes very strongly that the american people matter in this debate. because this debate is about them. the question of whether or not taxes go up on 98% of american tax payers is a very important to ordinary americans. it is not just a matter for discussion between the president and the senate minority leader. or other congressional leaders. >> brown: to that end the president met privately today with small business owners. on friday he'll travel to the philadelphia area to speak further on the issue. not to be outdone, house republicans said they'll meet with small business owners and workers in their districts arguing against the president's plan. in the senate republican my ontario leader mitch mcconnell dismissed the
over the next ten years. that's about 40% of the $4 trillion deficit goal that we have. that's the same thing that simpson-bowles had, 40% revenue. so the only way you can reach that, incidentally, is to allow the rates to go up. just this idea of we're going to take a look at the tax code, change some credits and deductions, you can't come up with enough money. >> so any deal will have to include at least some hike in the tax rate. >> i don't think there's any other way to approach it. that's why the president has taken this position. if we're going to make sure, for example, that we spare families making $250,000 a year or less from any income tax increase, then this idea that we're going to go into the tax code and find $1.6 trillion over ten years becomes almost impossible. we need to protect those middle income families. >> you said today that congress should deal with the fiscal cliff crisis now, but tackle entitlements, the entitlement questions, later. yesterday, senator lamar alexander said the only thing the president has to do to get an agreement from republicans now is in hi
said the deficit and the state of american society. that is exactly right. you can look at questions of the budget and questions of infrastructure and immigration policy but above all education policy because this is the future and we are not talking about physical infrastructure but human infrastructure and joel is someone who has dedicated the most recent phase of his multi phase currier to this and when he is not discovering the best restaurants in brooklyn he is focused on improving a lot of young people in this country. so let me tell you how condi is dedicated to this issue. year-and-a-half i called her up and asked her to do something for me and with me. she said i'm too -- don't even go there. we have bet on many football games. before the end of this conversation you are going to agree to what is going to happen and she said no way. we at the council of foreign relations spend our time working on things like china, mexico, all the judicial foreign policy issues and we've moved our agenda and increasingly focusing on things domestic and what we want to do is a report on educa
" and he joins me now. thanks for being with us now. we appreciate it. you compare the deficit to an insurance policy. you say it doesn't make you any richer in the short-term, but in the long-term, it is helpful. i want to actually put your statements up. you say let's agree to keep deficits very high for at least another year. and then let's buy an insurance policy against that debt crisis when we can really afford it. so lots of republicans and democrats out there would disagree greatly with you. say that america's ability to pay its debt is really important. how would you respond to them? >> right. i do think that there's a thing that's taken place in washington deficit reduction will stimulate us to enormous growth in 2013. the fact is what deficit reduction is, is tax increases and spending cuts, both of which take economic activity out of the economy. so this really is extremely similar to insurance. if i buy, say, flood insurance. what i'm doing is i'm paying a short premium in the short-term, to protect my house in the long-term. that's exactly what deficit reduction i
to the voters that mitt romney did not. obviously, mitt romney had a huge deficit with african-american voters, hispanic voters and women voters, so i think these potential candidates are trying to map it out. >> david corn, when george w. bush ran, he got such a quick surge in the polls that no one was able to stop him. is jeb bush that guy this time? is he the one that if he makes it clear he's running, others will decide not to? >> you know, i still wonder if two words come to mind. too soon. i mean, the george w. bush presidency is still not held in high esteem amongst many voters who still blame bush for the economic downturn at the end of his administration that has carried us to this day. jeb bush has the ability to talk to hispanic, more moderate, but i also wonder if you know, people will be a little tired of the bush dynasty come to 2016. >> well, they're too tired of it now, but 2016 is a few years away. thank you both for joining me tonight. >>> coming up, good news for democrats trying to keep control of the senate in 2014 and one republican whose strategy for dealing with latino
senator pat toomey from pennsylvania. he was a member of the deficit reduction super committee last year that failed to agree on a plan. but he's been talking about this issue for a long, long time. good morning, senator. >> good morning. >> we just learned that president obama will be traveling to your backyard on friday to talk about the fiscal cliff and spending, and traveling to pennsylvania right now. is this a welcome visit as far as you're earned? >> as far as i'm concerned the president of the united states is always welcome in my state of pennsylvania. we welcome the president and look forward to his message, and i have some questions i'd like to-ish i hope he addresses. >> what questions? >> first of all the president seems absolutely determined to inflict a tax increase on the american people. two years ago he signed a bill that extended the current tax rates for two more years because he said the last thing you want to do is raise taxes in a weak economy. today the economy is weaker than it was two years ago. why in the world does he want to inflict that damage now? >> senato
deficits close to 4% to 5% over the next decade and that's cbo forecasts. if that occurs, you're talk about the debt getting more and more out of control. because the u.s. is the global reserve council, it's reliant on global reserve investment. >> just want to make sure that people have enough treasuries to trade. that's all it's about, charles. isn't that very generous? >> it is very generous. but left unaddressed, the fiscal problem is beginning to be a problem. but equally they don't want the full hit at this stage. so it is a matter of coming to some compromise, so you are going to have to see some kind of adjustment on the taxation side. that is what everyone is hopeful for. but it's still a political game. >> and we've been burned before. let's recap in the meantime a couple of developments in europe overnight. the european commission is expected to approve the restructuring plans of spags's na -- spain's national lenders today. a token price of -- yes -- one euro. the valencia-based lank was one of four to be nationalized in the past 12 months. and hundreds of greek workers marched
to reduce the long-term deficit, that requires a combination of cuts. it also means asking high income individuals to pay a little bit more. that was a key issue in the campaign. all the exit polls show the american people are on the president's side. the only people who appear to be totally deaf to that are some of the congressional leaders in the republican house and senate. so i think it's important that the president get out and talk to the american people. this is part of the national conversation. this is a very important moment, and so it's important even as the president talks to congressional leaders and he had them down to the white house and continues to be in contact with them, he should engage the american public in this very important national conversation. >> let me ask you, you have a couple of senate republicans who have come out again grover norquist and any kind of notion of a pledge or being held to a lobbyist as opposed to the american people. on the left you have some progressives who are concerned that too many concessions will be made with social security, medic
.s. economy back into a recession. both congress and the white house are trying to make a deficit reduction deal to avoid the financial chaos. and president obama's reverting to some campaign mode right now to try to make sure things are done his way. our white house correspondent dan lothian is joining us now with new information. what are you learning, dan? >> reporter: well, wolf, while senior members of the administration including secretary geithner, chief of staff jack lou also top advisor meeting with -- the president himself trying to sell his vision to the public, but some say it's not a winning strategy. it doesn't take a gps to find the way to the fiscal cliff. much more difficult, finding the off ramp. at the president's first meeting with congressional leaders more than a week ago, there was a sense of optimism. >> my hope is is that this is going to be the beginning of a fruitful process. >> reporter: there was a follow-up phone call with house speaker john boehner, but a much different approach this week. the president's calendar is packed with sales pitches to the public, wh
're willing to close tax loopholes to reduce the deficit, now we haven't yet seen that from congressional republican leaders, but we obviously are seeing it from prominent republicans you showed including senator graham and senator bob corker. >> question about two of those gentlemen here in a moment. cnn this morning talked to grover norquist, incumbents dare to break this pledge, dare to vote to raise taxes. the question was will he do it again? here's norquist. >> we would certainly highlight who has kept their commitment and who hasn't, but the point is historically the people who lose do so because the people in their state have figured that out. >> back to, i think, where you were going a moment ago, bob, it is interesting that when you look at the top two, two of the top republican senators we're talking about who are flirting to break this pledge, break with grover norquist and consider raising taxes on the wealthy they both face re-election in 2014. i'm talking about saxby chambliss and south carolina's lindsey graham. does that say to you that the political winds could be shifti
with an incredible deficit deduction in place. >> i plan to wake up with a big hangover. >> if we would go ahead with sequestration and increase in tax rates, they have to be happy. where is santelli on this? >> he does wear a pin, santelli. it's a good question. >> look, i just think that it is true that january may not be a debacle. as someone that cares about -- let's put my cards on the table. higher stock prices. we ain't going to go in that direction. it's not good for the stock market. >> we hear it all the time from business leaders. i heard it yesterday. head of north american m&a. if you get me a deal, i as ceo am going to make significant decisions that i'm not making now. >> there it is. it's the decisions. it's the decision to hire. decision to invest. it's a little dicey. you don't know what the world is going to look like. i think that the guy i care about may be more than the people meeting with president is jpmorgan head of m&a. these are few and far between. i spoke to ceo of pbh after interview he said i want to make money for shareholders taking advantage of the fact that int
and we'll have another trillion dollar deficit according to cbo moving into next year and we can't afford anymore like that. if we take what obama would be willing to support which is increase in the age of, again recipients and other type of reforms like that, then we have a legitimate negotiation as we move into it. but when you have liberal members of the democratic party stepping forward and saying before the process begins they will not accept any type of entitlement reform, it makes it untenable process from the beginning. jon: is it no entitlement reform, simon, or is it perhaps entitlement reform when it comes to medicare? i haven't heard anybody talk about reforming social security on democratic side? >> that is good question and i think, look i think we're in the early stages, chris, of this whole debate. eric cantor went on morning joe said and won't raise taxes on anybody under any circumstance which would you argue is stopping negotiations. both sides are laying out positions right now. there are negotiations going on. clearly the fiscal cliff is scaring everybody into action
should address the drivers of the deficit and social security is not currently a driver of the deficit. >> they made that abundant ly clear. when they say entitlement reform it does not include social security and what they define it as. grover norquist is having to defend himself after several prominent senate republicans indicated a willingness to break his famous pledge, arguing republicans who agree to tax hikes just like they did under president bush. >> it is important that the republicans don't have their fingerprints all over the murder weapon, their fingerprints all over a lousy budget deal with tax increases and no real spending, just as happened to republicans in 1990 which cost us the presidency in '92. >> "the wall street journal" defends norquist today writing, quote, the voters are smart enough to know that republicans who focus on mr. norquist are part of the problem. interesting calling out those republicans by the wall street editorial. norquist is a bit of a media creation. remember this. he's an easily digestible symbol of ideological purity. the people who actually
to solve our fiscal problems. the deficit will essentially go away. the bad side we're in a deep recession and the deficit will go away. this is an economy that can't afford to have 4% of our spending disappear just next year. we'll see a recession next year almost for sure and for certain. so that's the sense in which i think this is something to worry about. we want -- the recovery is faltering right now and we really don't need congress clubbing it over the head again, pushing us back down yet again. >> yet again. justin, thank you, sir, from the university of michigan. great to have you. >> thanks, alex. >> catch one of the key players in the fiscal cliff negotiations right here on "now" when senator patty murray joins us tomorrow at noon eastern. >>> and coming up after their romney nominee received just over a quarter of the latino vote republicans say they're ready to put up when it comes to comprehensive immigration reform. what are they doing about it? so far putting up a lot of window dressing. the display when telemundo's jose diaz-balart joins us ahead. want to try to crack it?
and the deficit. mr. carney says, quote, the american people matter in stopping the fiscal cliff and budget cuts that will take effect in january if congress doesn't act. >> ok. good afternoon, ladies and gentlemen. welcome to the james s. brady white house briefing room, i believe we have some visitor fres this united arab emirate here, i want to welcome you and thank you for being here. i have just a couple of thins i want to announce at the top, some of which you know about, others you may not. today, as enge you know they can president is meeting with small business owners -- let me back up. it is not happening right now. i believe it happens -- 2:30 i'm reliably informed. he'll be meeting with small business owners as part of discussing with them the importance of extending tax cuts for the middle class or 98% of american taxpayers because of the impact that raising taxes on 98% would have on businesses around the country. he will also discuss with them the measures that he has put forward to assist small businesses, including hiring tax credits and the like, that will help the engine of ou
states postal service has money problems a deficit forcing closures and cut backs in service. abc 7 news found out, one of the local post offices on that list is a gem, a throw back to mostly to the woman who runs it. >> if you look, you might see yourself in this time lapse. relax if you can. destination is beyond the freeway, past orinda, taking a route throughout the redwoods to replace urban world does not penetrate. a community identify bid its post office. here it is. the one known for hardly ever having a line. >> so this is most of the timeq÷ it's empty? >> do you get lonely? >> no. >> this should be the last word to scribe describe here. it is in canyon, serving about is 94 residents nchl a community with no door to door deliveries... everybody picks up mail here. you know all of the names? >> yes. i do. >> all addresses? >> yes. doi. >> all family history? >> yes. yes. >> all of stuff you're not supposed to know. >> some i wish i didn't know. >> you know everything about everybody. >> i pretty much do. >> what she does not know is how cut backs by the postal service will affec
will be a drain on the taxpayer and walk on torturing dollars deficit. ibm back ibm back thank you. i would like to know to which degree to think as the united nation but for the 21st century to political power in the hands of the green lobby. >> well, the u.n. has been very encouraging of the green lobby and the screen job issue is not an issue here in the united state. it is an issue also in europe being encouraged by the u.n., encouraged by the meeting over the summer. but europe is also finding green job aren't all they thought they would be. spain has stopped subsidies for solar power under that doesn't work in sunny spain it's not going to work anywhere. germany has also stopped at subsidies which is more understandable because there's a lot of clubs in germany, even though the economy isn't cloudy at all. the u.n. has had a strong influence on this. >> yes, sir. >> chuck bradford. you are probably not old enough to remember, the jimmy carter gave lots of money, billions of dollars to alternate energy projects. >> i do remember. >> too many of those plants still exist is the question? i do
to the federal deficit. cutting it doesn't change the deficit or debt picture. a year or two of extra work, think progress writes may not seem like much with his cushy corner office. for a factory worker or janitor it can be real problems. life expectancy is longer. >> you can't afford a little hike in your taxes? really? >> stephanie: no. >> can i make a request? can we take justin on line one? i want to hear this. >> stephanie: okay. justin in huntington beach. you're on "the stephanie miller show." hi justin. >> caller: hey, guys, how you doing? i don't know if this makes me the world's best father or the world's worst father because my son and i basically raised him watching your show. so but what's really funny is every time he hears reince priebus, he says reince priebus. it doesn't matter whether it is on the radio or in the car. it is pretty hysterical. >> reince priebus. >> stephanie: i'm sorry. do it again justin. >> really loud. reince priebus. [ laughter ] >> stephanie: what's his name? >> his name is
could be slapped with new taxes and the state could be thrown into a $11 billion deficit. >> house of representatives could sleet next week. it would expand the number of visas for science and technology students from other countries and make it easier for those students to bring the families to the u.s. house proposal would allow family members to come to the u.s. one year after they applied for the green cards. they say it is a bill to a stepping stone of immigration reform. opponents say the increase for visas for technology student would be upset by eliminating other visa programs. >> it is expected to top the agenda when president obama welcomes mexico's president-elect to the white house this week. he will return to mexico's institutional revolutionary power to party after 12 years when he takes office december 1st. he pushed more nor economic reforms and including overhauls of energy and tax laws. >>> supreme court could decide whether to take up the issue of gay marriage this week. the court is set to hold a closed door conference on friday where they can decide whether the
deficits it, to streamline our tax system. to do it in a balanced way. including asking the wealthiest americans to pay a little more. >> the problem with that strategy is that republic leaders are insisting that they don't want to take a framework for spending cuts down the road in exchange for tax changes now. they want it all done at the same time so that they can be sure that if taxes are going up on the rich, that in fact some of those spending cuts to bring down the debt will actually materialize. it might make it more likely to go of 00 cliff even though the president insisted today he thinks there will be a deal within weeks, shep. >> shepard: as for extending tax cuts for middle class americans it sounds like there is some agreement on that matter. >> it sounds like some republicans rank and file republicans are starting to turn away a little bit from speaker john boehner. tom coal rank and file member. is he part of the leadership but from oklahoma and basically said today extend them for the large majority for the middle class and come back and fight it out in january instea
. property tax, that's another huge one. everybody says, yes, the deficit, it's all a big problem. and it's true. you can't continue to run these trillion-dollar deficits. but when you get down to the nitty-gritty about what you're actually going to cut, that's what's really hard, joe. >> if they don't fix it, it's going to be in everybody's backyard. thanks so much. >> that's right. >>> does the israel/gaza cease-fire prove that the u.s. can negotiate with what it's called a terror group? what about al qaeda? the implications next. load your, with its foot-activated lift gate. but that's not all you'll see, cause c-max also beats prius v, with better mpg. say hi to the all-new 47 combined mpg c-max hybrid. tomato, obviously. haha. there's more than that though, there's a kick to it. wahlalalalallala! smooth, but crisp. it's kind of like drinking a food that's a drink, or a drink that's a food, woooooh! [ male announcer ] taste it and describe the indescribable. could've had a v8. ...and now... you! [ giggles ] ♪ the one and only, cheerios >>> fresh clashes between protesters and riot p
into an 11 billion-dollar deficit. economists economists predict it would throw the economy into chaos triggering another recession. . many to 90% of california residents would see taxes go up. >> the cliff could also endanger the future of charities. nonprofit organizations are telling washington they can't survive if their funding is slashed. congress is considering a proposal that would cut from 35 to 28% the amount wealthy americans could write off in donations. >> a 1% decline in giving to american higher education would result in a loss of $300 million a year to colleges and universities. >> they have launched a new lobby including a website asking charities to contact their members of congress. >> the turkeys that didn't go to the thanksgiving table will be dished up because of the south of market store. more than 200 of their unsold fresh turkeys were frozen and donated to saint anthony's. they provide food for homeless, seniors and the working poor. they said that the need for food is still greater than ever, not just on the holidays. >> we can use this throughout novembe
does not address the debt problem. we don't know how much we address the deficit problem by closing loopholes. impasse. martha: we'll see where that goes. stuart, thanks very much. we'll talk to chris van hollen moments away. bob,er is also here today. we'll get to some of that with them. thanks, stuart. bill: some context from how far the revenue ending bush tax cuts would go. during the 2012 fiscal year it costs $9.7 billion a day to run the federal government. the additional revenue stopping bush tax cuts would bring in $82.4 billion. a number that would run the government for 8 1/2 days. senator corker says there is plan on the table for two years. martha: that grand bargain that was so close. we'll see where that is in terms of both sides. bill:. we're just getting started on this tuesday morning. how about this story? oh, my gosh, a toddler seconds away from almost certain death in this video as a car comes barreling around that bend. we'll show you what the rest of what happens here and we'll tell you what ended up happening. bill: there is new violence on the streets of key
revolution. we actually now have a path to energy independence in america, that's a $200 billion deficit right now. it's a bridge to renewable energy, renewable energy's going to take a long time. if we can move to gas, we'll get tremendous benefits in terms of cleaner energy on the way to renewable energy future. if we could get those things done, steve, this would be transformational for our economy. but we haven't been able to act on these things even though, as i said earlier, there's wide bipartisan consensus. >> thank you, michael. let me jump to doug and steve for a moment and just try to poke holes in this. if we roll back time to just before the financial crisis, you looked at the u.s. debt position, doug holtz-eakin was out there, you know, bitching about that already. [laughter] and john mccain and others had been. but it's much worse today. if you looked at debt in a different way, if you looked at private sector debt, if you looked at the fact -- forget government debt, but if you looked, government debt's gotten worse, but before the financial crisis, private sector debt wa
't make a deal. later he's hosting big business leaders to talk about ways to cut the deficit. joining me to talk about this, "washington post" political columnist day ma milbank and terence page. >> good morning. >> clarence, big development with tom cole breaking from his party and saying they should support an immediate extension of bush-era tax cuts for households earning less than $250,000. and then deal with the higher income tax breaks later. this is the key argument the president has been making. he says this has to get done. it is a sign the democrats' arguments are working? is tom cole an outlier among republicans? what's going on? >> it's a sign of the diversity in the republican party and that's something that president obama's team is trying to work on. they're trying to develop divisions and to break the logjam, the big showdown that's going on between speaker boehner and congress on one side and president obama and his team on the other. so it's a sign, but we've still got a long ways to go. >> if you can believe it, the negotiations got arguably more complicated yesterday
or have less of a deficit is to let the economy grow. raising tax rates on rich people will not help the economy grow. in fact, it will send the economy in the wrong direction. >> i understand. i know you signed a pledge and you're sticking to that pledge with regard to the people you represent. so let me move on and ask you this, senator. you have indicated you are interested in running for president. tell me this, here, how exactly -- how interested are you and have you taken -- i know you smile because you've been asked it before, but let me ask you as well, have you taken any concrete actions to start lining up support? honest answer, please. >> well, you know, i've said i won't deny that i'm interested. little bit different than i am interested. >> let's read between the lines. what does that mean, sir? >> i want to be part of the national debate. i think my party, the republican party is shrinking. we're in danger of becoming a dinosaur. we're not competitive on the west coast. we're not competitive in new england. we weren't competitive around the great lakes. so we need a new
president obama was first elected he talked about how to bring down the deficit and campaign promise to cut it in half and he would do it by focusing on entitlement reform. >> steve: there is the national debt right now. >> gretchen: why doesn't he bring the people to the table and say dick dishin. let's put it all on the table and let's talk about them instead of going out on air force one and getting people to use twitter >> chris: the american society of pensional they have a warning called. if congress does change yourr tax rate, there is a possibility that you might have big changes to your 401 k. last time congress made changes in congress. 70 percent of the 401 k contributions droppped and the worry is people will stop putting in and we'll stop save that is never good. >> brian: we are not supposed to be able to tax that. and we'll be able to get it out when we are 81 years old. and the other stories making news. brand new video out of syria show rebels shooting down a military helicopter. you can hear them chanting allah is great. and the chopper plunges to the ground and first time
, and want tax hikes and spending cuts to reduce the deficit. and one fourth want spending cuts only. 68%. there are the numbers on your screen. doesn't that number, 68%, mean that it's politically perilous for your party, republicans, to oppose raising taxes on the top 2 or 3%? >> well, no, they -- it's got to be part of the equation and i think that speaker boehner made that clear, but gregg, let me first start by saying i happen to care very much about the 43% inpoll, but it doesn't erase -- it doesn't erase the fact that a majority of them do not pay taxes and it also doesn't erase the fact that most people support tax increases on other people as opposed to themselves, but i think the american people are a little tired of polls. the election is over, talking points should be over, and it requires compromise to solve problems in this town, something that's been lacking for years. by both sides of the aisle. and so, the issues you're talking about in terms of the specifics, whether it's the tax rates or these deductions, it just cannot be across the board. there are unintended consequ
to energy independence. that is a $200 billion deficit right now. it is a bridge to renewable energy. if we can move to gas, we will get tremendous benefits in terms of a cleaner energy on a way to a renewable energy future. if we could get those things done, this to be transformational for our economy, but we cannot act on these things even though there is a lot of bipartisan agreement. >> let me just try to poke holes in this. if we rolled back time to just before the financial crisis. look at the u.s.. doug holtz-eakin was out there bitching about that already. it's much worse today. if you look at debt in a different way. if you look at private-sector debt -- just forget government debt. private-sector debt was 160% of gdp. despite the myths of the leveraging, today we are back in that same crisis mode. you also have structural corruption and between regulators, financial institutions and other players in the economy and you have a private sector events leading to a government response. my question is why is it never on this list to get the private sector robber control? there is nothin
in an opinion piece this week that the president's health care reform must be included in deficit negotiations. >>> before you tell your kids a story of christmas, listen up. the pope is out with a new book, and it debunks a lot of details about jesus' birth. more on that later on this hour. >> here on the help desk we're talking about paying down debt and saving for the future. with me this hour are greg olson and carmen. greg, this question is for you. suzanne told us the more she spends on paying off her debt, the less she has to save. >> how do we balance between saving for the future and paying down some credit card debt? >> you know, those bills come in, and you see that debt, and your eyes just pop out of your head. >> it's an easy question, but i'm very glad she asked it because it's something that most people get wrong. unless you have an introductory rate or you're paying a sfwler 0% introductory rate and have the ability to transfer that in the future, low credit card debt rates are considered 12% right now. show me where you can get an investment that's going to net on an after tax
to see them try different things. first of all, let's recognize the fact that we had the deficits right now as a result of obama's budget. that's $5.3 trillion. that's in his budget. he signed that. we have a lot of the programs that should be undone. give you an example, we had a democrat president back in the '90s, bill clinton, while we had a republican majority in the house and the senate. we did welfare reform. we put the work back into welfare and it was tremendously successful. we decreased the welfare rolls. now, obama's reversed that. now we have it's gone up, the food stamp program now gone up from 28 million families to 47 million. that's just one of the things that can be reversed, that got news this mess to start with. >> gretchen: but senator, why does it appear -- and obviously the election was a result of it -- why does it appear that president obama wins the pr campaign on this entire discussion? >> well, gretchen, i represent oklahoma. he hasn't won up there. >> gretchen: but he's winning it acrossment country. >> well, i know, he's a very persuasive person. that doesn
a handle on the deficit. it also has a lot of people saying wait a minute. some of these decisions could really impact -- and not a good way -- have a huge impact on the poor and elderly. for ceo lloyd blankfein, he did an interview over the weekend with cbs and made the case that the social safety net programs need to be scaled back like medicare, medicaid and social security. he says people need to lower their expectations of those sboi entitlements. easy for him to say. he made about $12 million last year. i digress. he did con socede that eventual the way to raise revenue will be for the wealthy to pay a higher tax rate. david coney is talking about addressing the entitlement issue but wants a corporate tax rate of zero. no doubt that would create huge outrage. he says that's the most effective way to create jobs in the u.s. and frees up so much money for companies to hire. many would probably agree that's important, too. you can see both sides of the story there, carol. one more extreme than the other, of course. >> of course. we'll see what happens. alison kosik at the new york sto
we can solve our long-term debt and deficit problem is to fix the unsustainable growth rates of our very popular entitlement programs. the president has indicated an openness to that and now's the time to actually do it. and i hope we can put all this divisiveness behind us and build the confidence and relationships on a bipartisan basis, which would help us get there here at the end of the year. >> the president and leader reid said social security should be off the table. what's your reaction to that? >> all of the entitlements need to be discussed, because they all to one degree or another are on an unsustainable path. medicare is in more immediate danger. we want to save these programs and i understand the dilemma that the president and the majority leader have. they don't want to change anything. they think any commitment made by the federal government on any program at any time ought to be there forever. well, times change. and until we make sure these popular entitlement programs fit the demographics of the changing america, we can't save them. we all know that. it's simple m
he said was the deficit in the state of american society. i think that's exactly right. you can look at questions of the budget. you can look at questions of infrastructure. immigration policy. but above all, education policy. this is the future. we're not talking about her physical infrastructure. and joel klein is someone who's given his most recent phase of his multi-career when he discovers the best restaurants in brooklyn, is focused on improving a lot of young people in this country. it's supposed to be the other way around. so i'm going to tell you how condi has been dedicated to this issue. a year and a half ago i called her up and said convy, i want you to do some thing for me and with me. she said richard coming to b.c. don't even start. i said okay. i said before the end of this conversation come you're going to agree with going to ask you. and she said no way. i said with the council on foreign relations and all of our time working on things like china and mexico and all the traditional foreign-policy issues. we believe the agenda and all things domestic. but we want to d
penny to the deficit. we should put together something like a simpson/bowles commission. right now it's going to last for another 22 years untouched, but let's make sure it's stronger, longer. but when it comes to the other entitlement programs, medicare and medicaid, we've got to make certain that we preserve these basic programs, not to go the route of the paul ryan voucherizing, leaving senioring vulnerable for health insurance they cannot find or cannot afford. but make sure we change the program to save the money, reduce the increase in health care costs. medicaid is the one i'll add, joe, that concerns me the most. it has the least politically articulate constituency. these are the poorest people in america. we've got to make sure at the end of the day, we protect the children, mothers with babies, and particularly the frail elderly being covered by medicaid. we can make changes there and preserve the basic integrity of these programs. >> well, of course, people in medicaid don't have the aarp fighting for them day in and day out, running 30-second ads. isn't that one of the gre
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